Two-Story Mixed-Use
For Sale
Contact for pricing
Pending
9650 Shore Dr, Norfolk, VA 23518
Fully occupied asset combines ground-floor commercial space with three second-floor apartments.
Property Size8,463 SF
Days on Market353
Property Features for 9650 Shore Dr
General Information
Standard status
Pending
Size
8,463 SF
Class
A
Property subtype
Retail, Multifamily, Office, Mixed Use
Zoning
PD-MUEB
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Building Details
Year Built
2018
Year Renovated
2020
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
ProActive Real Estate Services
Listed By:
Gary Layne · License #0225194322
Source:
Crexi
Added: Sep 13, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ProActive Real Estate Services
Investment Insights
Based on property information with market context.
Located at 9650 Shore Dr in Norfolk, Virginia, this 8,463-square-foot mixed-use property was built in 2018 and extends across two stories. The ground floor is occupied by a corporate tenant under a long-term arrangement, while the second floor contains three apartments. The property is fully occupied and carries PD-MUEB zoning.
The asset sits at the border of Norfolk and Virginia Beach with visibility along a major thoroughfare. Norfolk International Airport is approximately eight minutes away, Joint Expeditionary Base Little Creek-Fort Story is 10 minutes away, and Naval Station Norfolk and Norfolk International Terminals are 18 minutes away.
The asset sits at the border of Norfolk and Virginia Beach with visibility along a major thoroughfare. Norfolk International Airport is approximately eight minutes away, Joint Expeditionary Base Little Creek-Fort Story is 10 minutes away, and Naval Station Norfolk and Norfolk International Terminals are 18 minutes away.
Key Highlights
- 8,463‑square‑foot mixed‑use property built in 2018
- Two‑story configuration with ground‑floor commercial space and three second‑floor apartments
- Fully occupied with a long‑term corporate tenant on the ground floor
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$110,846
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,216,920
$2.2M
Cap Rate 7%
$1,583,514
$1.6M
Cap Rate 9%
$1,231,622
$1.2M
Market Conditions
NOI Build-Up for 8,463 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$167.6K $19.80/SF
− Vacancy
−$9.2K −$1.09/SF
EGI
$158.4K $18.71/SF
− OpEx
−$47.5K −$5.61/SF
NOI
$110.8K $13.10/SF
Area
Norfolk, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,216,920
Cap Rate 7%
$1,583,514
Cap Rate 9%
$1,231,622
Alternative Uses
Best Use
Multifamily LT 5
$1.58M
$1.39M – $1.85M
NOI $110,846 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$1.42M
$1.24M – $1.66M
NOI $99,548 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$1.80M
$1.57M – $2.09M
NOI $125,671 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied asset combines ground-floor commercial space with three second-floor apartments.
Where is this mixed-use property located?
The property is located at 9650 Shore Dr Norfolk, VA.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: 8,463‑square‑foot mixed‑use property built in 2018; Two‑story configuration with ground‑floor commercial space and three second‑floor apartments; Fully occupied with a long‑term corporate tenant on the ground floor
